Best Mid Cap Funds to Invest in November 2026
Foliyo’s research compared 30 mid cap funds on returns, consistency, risk and cost. These 10 rank highest; 5 are Leaders.
- Mid Cap funds reviewed
- 30
- Median 3-year return a year
- 14.7%
- Median expense ratio
- 0.94%
- Data as of
- 23 October 2026
Best 3 in November 2026
- 1
WhiteOak Capital Mid Cap Fund Leader19.2% 3Y a year - 2
Edelweiss Mid Cap Fund Leader18.2% 3Y a year - 3
Invesco India Mid Cap Fund Leader20.4% 3Y a year
Category median 14.7% a year over 3 years
The leaders (WhiteOak, Edelweiss, Invesco) have beaten the 3-year peer median of 14.7% in 100.0%, 100.0% and 85.4% of rolling 3-year periods, while UTI and DSP were ahead in 0.0%. Costs are close across most funds except UTI at 1.26% against a median of 0.94%, so the spread comes from performance and risk. Advisers should note that WhiteOak holds only 60.0% in mid caps against its mandate, and that Helios and Baroda BNP Paribas are either short on history or have a new lead manager.
Best mid cap funds in November 2026: the ranking of 10
Ranked by Foliyo’s research among 30 mid cap funds with at least ₹500 Cr. Returns are for the Direct Growth plan to 23 October 2026 (3 and 5-year returns a year; the bar shows the 3-year return); fund size as of 30 September 2026.
| # | Fund (Direct Growth) and Foliyo label | 1Y return | 3Y return | 5Y return | Expense ratio | Fund size |
|---|---|---|---|---|---|---|
| 1 | WhiteOak Capital Mid Cap Fund Leader | 1.5% | 19.2% | — | 0.95% | ₹7,540 Cr |
| 2 | Edelweiss Mid Cap Fund Leader | −3.7% | 18.2% | 15.4% | 0.68% | ₹19,250 Cr |
| 3 | Invesco India Mid Cap Fund Leader | −4.0% | 20.4% | 16.4% | 0.76% | ₹15,749 Cr |
| 4 |  HDFC Mid Cap Fund Leader | −3.2% | 15.3% | 16.5% | 0.76% | ₹1,01,856 Cr |
| 5 |  Nippon India Growth Mid Cap Fund Leader | −3.3% | 15.6% | 15.4% | 0.80% | ₹50,176 Cr |
| 6 | ITI Mid Cap Fund Strong | −3.5% | 16.8% | 13.1% | 0.91% | ₹1,453 Cr |
| 7 |  HSBC Midcap Fund Strong | 6.3% | 20.2% | 16.0% | 1.15% | ₹16,800 Cr |
| 8 |  ICICI Prudential Mid Cap Fund Strong | −1.2% | 17.9% | 13.7% | 1.11% | ₹7,961 Cr |
| 9 |  Sundaram Mid Cap Fund Strong | −5.8% | 15.4% | 14.3% | 1.05% | ₹13,854 Cr |
| 10 | JM Mid Cap Fund Strong | −2.9% | 15.8% | — | 0.95% | ₹1,303 Cr |
Category median: 14.7% a year over 3 years, −3.8% over 1 year, expense ratio 0.94%. # is the fund’s rank among all 30 in the review; funds too young or with too little data to rank are left out. A “—” means the fund is too young for that period.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research
The 10 funds, one by one
WhiteOak Capital Mid Cap Fund Direct Growth
Rank 1 of 30, managed by Ramesh Mantri (lead since Sep 2022), Very High risk
Leader Rank 1 of 30 with strong returns and consistency at average cost, but only 60.0% in mid caps against its mandate.
Pros
- The 3-year return is 19.2% against a peer median of 14.7%, and it was ahead of the median in 100.0% of rolling 3-year periods.
- It was ahead in 91.4% of rolling 1-year periods and in the top half in 3 of 3 calendar years.
- Sharpe is 0.8 against a peer median of 0.58, with volatility of 17.5% and maximum drawdown of -16.9%.
Cons
- Only 60.0% is in mid caps, with 21.4% in small caps and 4.7% in large caps, which is a mandate-drift flag.
- The record is 4.1 years long and covers one market phase, and downside and upside capture are not available.
- 1-year return
- 1.5% +5.3 pts median −3.8%
- 3-year return (a year)
- 19.2% +4.5 pts median 14.7%
- Sharpe ratio (3Y)
- 0.80 +0.22 median 0.58
- Volatility (3Y)
- 17.5% −0.7 pts median 18.2%
- Worst fall (3Y)
- −16.9% +3.2 pts median −20.1%
- Expense ratio
- 0.95% +0.01 pts median 0.94%
- Cash
- 0.8% median 2.3%
- Fund size
- ₹7,540 Cr median ₹9,249 Cr
Edelweiss Mid Cap Fund Direct Growth
Rank 2 of 30, managed by Trideep Bhattacharya (lead since Oct 2021), Very High risk
Leader Top rated: over 3 years it returned 18.2% a year against 14.7% for similar funds, at a lower yearly fee of 0.68% against 0.94%.
Over 3 years the fund returned 18.2% a year, against 14.7% for similar funds. Over 5 years it returned 15.4% a year, against 13.1%. Its yearly fee is 0.68%, against 0.94% for similar funds. It has done better than similar funds steadily, in every 3-year stretch of the last 3 years, and in the top half of its category in each of the last 5 calendar years. It also fell less than similar funds when markets dropped. Keep in mind that it can still fall sharply when mid-cap shares are weak, and over the last year it returned -3.7%, about level with similar funds at -3.8%.
Pros
- The 3-year return is 18.2% against a peer median of 14.7%, and the 5-year return is 15.4% against 13.1%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and in the top half in 5 of 5 calendar years.
- The expense ratio is 0.68% against a peer median of 0.94%; downside capture is 87, upside capture 107 and alpha 5.2.
Cons
- Maximum drawdown is -18.0% and volatility 18.3%, so it still falls hard in weak mid-cap markets.
- The 1-year return of -3.7% is level with the peer median of -3.8%, so there is no recent edge.
- 1-year return
- −3.7% +0.1 pts median −3.8%
- 3-year return (a year)
- 18.2% +3.5 pts median 14.7%
- 5-year return (a year)
- 15.4% +2.3 pts median 13.1%
- Sharpe ratio (3Y)
- 0.73 +0.15 median 0.58
- Volatility (3Y)
- 18.3% +0.1 pts median 18.2%
- Worst fall (3Y)
- −18.0% +2.0 pts median −20.1%
- Downside capture (3Y)
- 87 −2 median 89
- Expense ratio
- 0.68% −0.26 pts median 0.94%
- Cash
- 2.9% median 2.3%
- Fund size
- ₹19,250 Cr median ₹9,249 Cr
Invesco India Mid Cap Fund Direct Growth
Rank 3 of 30, managed by Aditya Khemani (lead since Nov 2023), Very High risk
Leader Highest 3-year return of the leaders and low cost, but with higher volatility and a patchier calendar-year record.
Pros
- The 3-year return is 20.4% against a peer median of 14.7%, and the 5-year return is 16.4% against 13.1%.
- It was ahead of the peer median in 85.4% of rolling 3-year periods, with an expense ratio of 0.76% against 0.94%.
- Sharpe is 0.8, so the return has been paid for in risk-adjusted terms.
Cons
- Volatility is 20.1% against a peer median of 18.2%, and it was in the top half in only 2 of 5 calendar years.
- The top 10 holdings are 49.1% of the portfolio and the P/E is 42.2, and the 1-year return of -4.0% is slightly behind the peer median of -3.8%.
- 1-year return
- −4.0% −0.2 pts median −3.8%
- 3-year return (a year)
- 20.4% +5.7 pts median 14.7%
- 5-year return (a year)
- 16.4% +3.3 pts median 13.1%
- Sharpe ratio (3Y)
- 0.80 +0.22 median 0.58
- Volatility (3Y)
- 20.1% +1.9 pts median 18.2%
- Worst fall (3Y)
- −18.0% +2.1 pts median −20.1%
- Expense ratio
- 0.76% −0.18 pts median 0.94%
- Cash
- 1.2% median 2.3%
- Fund size
- ₹15,749 Cr median ₹9,249 Cr
HDFC Mid Cap Fund Direct Growth
Rank 4 of 30, managed by Chirag Setalvad (lead since Jun 2007), Very High risk
Leader A category leader: ranks 4 of 30 in Mid-Cap.
Pros
- Ahead of the peer median in 95.9% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.76% vs peer median 0.94%
- 5-year return (a year) 16.5% vs peer median 13.1%
Cons
No red flags this month.
- 1-year return
- −3.2% +0.6 pts median −3.8%
- 3-year return (a year)
- 15.3% +0.6 pts median 14.7%
- 5-year return (a year)
- 16.5% +3.4 pts median 13.1%
- Sharpe ratio (3Y)
- 0.59 +0.01 median 0.58
- Volatility (3Y)
- 16.1% −2.1 pts median 18.2%
- Worst fall (3Y)
- −16.2% +3.9 pts median −20.1%
- Downside capture (3Y)
- 80 −9 median 89
- Expense ratio
- 0.76% −0.18 pts median 0.94%
- Cash
- 8.3% median 2.3%
- Fund size
- ₹1,01,856 Cr median ₹9,249 Cr
Nippon India Growth Mid Cap Fund Direct Growth
Rank 5 of 30, managed by Rupesh Patel (lead since Jan 2023), Very High risk
Leader Top rated: over 3 years it returned 15.6% a year against 14.7% for similar funds, at a lower yearly fee of 0.8% against 0.94%.
Over 3 years the fund returned 15.6% a year, against 14.7% for similar funds. Over 5 years it returned 15.4% a year, against 13.1%, so the lead has lasted. The yearly fee is 0.8%, against 0.94% for similar funds. It has stayed ahead of similar funds in every 3-year stretch we looked at, and in most 1-year stretches. Keep in mind that it fell in the last year, returning -3.3% against -3.8% for similar funds, and it fell somewhat less than they did when markets dropped. Its lead manager took over in January 2023.
Pros
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- 5-year return (a year) 15.4% vs peer median 13.1%
- Ahead of the peer median in 91.7% of rolling 1-year periods (weekly, last 3 years)
Cons
No red flags this month.
- 1-year return
- −3.3% +0.5 pts median −3.8%
- 3-year return (a year)
- 15.6% +1.0 pts median 14.7%
- 5-year return (a year)
- 15.4% +2.2 pts median 13.1%
- Sharpe ratio (3Y)
- 0.61 +0.03 median 0.58
- Volatility (3Y)
- 18.2% level median 18.2%
- Worst fall (3Y)
- −19.3% +0.8 pts median −20.1%
- Downside capture (3Y)
- 88 −1 median 89
- Expense ratio
- 0.80% −0.14 pts median 0.94%
- Cash
- 1.0% median 2.3%
- Fund size
- ₹50,176 Cr median ₹9,249 Cr
ITI Mid Cap Fund Direct Growth
Rank 6 of 30, managed by Dhimant Shah (lead since Oct 2022), Very High risk
Strong A strong fund: ranks 6 of 30 in Mid-Cap.
Pros
- 3-year return (a year) 16.8% vs peer median 14.7%
- Ahead of the peer median in 97.1% of rolling 3-year periods (weekly, last 3 years)
Cons
- Worst fall (3Y) -22.1% vs peer median -20.1%
- Volatility (3Y) 19.5% vs peer median 18.2%
- 1-year return
- −3.5% +0.3 pts median −3.8%
- 3-year return (a year)
- 16.8% +2.1 pts median 14.7%
- 5-year return (a year)
- 13.1% level median 13.1%
- Sharpe ratio (3Y)
- 0.66 +0.08 median 0.58
- Volatility (3Y)
- 19.5% +1.2 pts median 18.2%
- Worst fall (3Y)
- −22.1% −2.0 pts median −20.1%
- Downside capture (3Y)
- 89 level median 89
- Expense ratio
- 0.91% −0.03 pts median 0.94%
- Cash
- 1.8% median 2.3%
- Fund size
- ₹1,453 Cr median ₹9,249 Cr
HSBC Midcap Fund Direct Growth
Rank 7 of 30, managed by Cheenu Gupta (lead since Nov 2022), Very High risk
Strong A strong fund: ranks 7 of 30 in Mid-Cap.
Pros
- 3-year return (a year) 20.2% vs peer median 14.7%
- Ahead of the peer median in 75.2% of rolling 3-year periods (weekly, last 3 years)
- 5-year return (a year) 16.0% vs peer median 13.1%
Cons
- Expense ratio 1.15% vs peer median 0.94%
- Worst fall (3Y) -23.4% vs peer median -20.1%
- 1-year return
- 6.3% +10.1 pts median −3.8%
- 3-year return (a year)
- 20.2% +5.5 pts median 14.7%
- 5-year return (a year)
- 16.0% +2.9 pts median 13.1%
- Sharpe ratio (3Y)
- 0.78 +0.20 median 0.58
- Volatility (3Y)
- 20.7% +2.4 pts median 18.2%
- Worst fall (3Y)
- −23.4% −3.3 pts median −20.1%
- Downside capture (3Y)
- 90 +1 median 89
- Expense ratio
- 1.15% +0.21 pts median 0.94%
- Cash
- 0.8% median 2.3%
- Fund size
- ₹16,800 Cr median ₹9,249 Cr
ICICI Prudential Mid Cap Fund Direct Growth
Rank 8 of 30, managed by Lalit Kumar (lead since Jul 2022), Very High risk
Strong A strong fund: ranks 8 of 30 in Mid-Cap.
Pros
- 3-year return (a year) 17.9% vs peer median 14.7%
- Sharpe ratio (3Y) 0.73 vs peer median 0.58
- 1-year return -1.2% vs peer median -3.8%
Cons
- Expense ratio 1.11% vs peer median 0.94%
- Volatility (3Y) 19.3% vs peer median 18.2%
- 1-year return
- −1.2% +2.6 pts median −3.8%
- 3-year return (a year)
- 17.9% +3.2 pts median 14.7%
- 5-year return (a year)
- 13.7% +0.6 pts median 13.1%
- Sharpe ratio (3Y)
- 0.73 +0.15 median 0.58
- Volatility (3Y)
- 19.3% +1.1 pts median 18.2%
- Worst fall (3Y)
- −20.0% +0.1 pts median −20.1%
- Downside capture (3Y)
- 87 −2 median 89
- Expense ratio
- 1.11% +0.17 pts median 0.94%
- Cash
- 2.1% median 2.3%
- Fund size
- ₹7,961 Cr median ₹9,249 Cr
Sundaram Mid Cap Fund Direct Growth
Rank 9 of 30, managed by S. Bharath (lead since Feb 2021), Very High risk
Strong A strong fund: ranks 9 of 30 in Mid-Cap.
Pros
- Ahead of the peer median in 93.6% of rolling 3-year periods (weekly, last 3 years)
- Ahead of the peer median in 84.7% of rolling 1-year periods (weekly, last 3 years)
Cons
- 1-year return -5.8% vs peer median -3.8%
- 1-year return
- −5.8% −2.0 pts median −3.8%
- 3-year return (a year)
- 15.4% +0.7 pts median 14.7%
- 5-year return (a year)
- 14.3% +1.2 pts median 13.1%
- Sharpe ratio (3Y)
- 0.60 +0.02 median 0.58
- Volatility (3Y)
- 17.9% −0.3 pts median 18.2%
- Worst fall (3Y)
- −20.1% level median −20.1%
- Downside capture (3Y)
- 88 −1 median 89
- Expense ratio
- 1.05% +0.11 pts median 0.94%
- Cash
- 4.3% median 2.3%
- Fund size
- ₹13,854 Cr median ₹9,249 Cr
JM Mid Cap Fund Direct Growth
Rank 10 of 30, managed by Satish Ramanathan (lead since Nov 2022) and 1 other lead, High risk
Strong A strong fund: ranks 10 of 30 in Mid-Cap.
Pros
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- Sharpe ratio (3Y) 0.64 vs peer median 0.58
Cons
- Downside capture (3Y) 94 vs peer median 89
- Volatility (3Y) 19.3% vs peer median 18.2%
- 1-year return
- −2.9% +0.9 pts median −3.8%
- 3-year return (a year)
- 15.8% +1.2 pts median 14.7%
- Sharpe ratio (3Y)
- 0.64 +0.06 median 0.58
- Volatility (3Y)
- 19.3% +1.1 pts median 18.2%
- Worst fall (3Y)
- −21.4% −1.3 pts median −20.1%
- Downside capture (3Y)
- 94 +5 median 89
- Expense ratio
- 0.95% +0.01 pts median 0.94%
- Cash
- 1.6% median 2.3%
- Fund size
- ₹1,303 Cr median ₹9,249 Cr
Emerging mid cap funds to watch
Younger than 3 years, so not judged on a full record yet, but with one of the strongest first years against every peer’s last year:
Helios Mid Cap Fund: Promising 1.6-year record with consistent 1-year lead over peers, but it shows no protection in falls.
What is a mid cap fund?
A mid cap fund keeps at least 65% of its money in companies ranked 101st to 250th by market value (AMFI’s list). It sits between large and small caps for both growth and falls, and suits a horizon of 5 to 7 years or more.
Read more: How to choose a mid cap fund.
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
Which are the best mid cap funds to invest in November 2026?
On Foliyo’s research (data to 23 October 2026), the five highest-ranked mid cap funds are WhiteOak Capital Mid Cap Fund (Leader), Edelweiss Mid Cap Fund (Leader), Invesco India Mid Cap Fund (Leader), HDFC Mid Cap Fund (Leader), Nippon India Growth Mid Cap Fund (Leader). The full list of 10, with each fund’s pros and cons, is on this page. Which one suits you depends on your goals and the funds you already own.
What is a mid cap fund?
A mid cap fund keeps at least 65% of its money in companies ranked 101st to 250th by market value (AMFI’s list). It sits between large and small caps for both growth and falls, and suits a horizon of 5 to 7 years or more.
How does Foliyo rank mid cap funds?
Each mid cap fund with at least ₹500 Cr is compared with the others on performance (3, 5 and 1-year returns), consistency (rolling returns and calendar years), risk (Sharpe and Sortino ratios, downside capture, worst fall, volatility), cost (expense ratio) and the lead manager’s tenure. The strongest are Leaders, then Strong, Steady and Laggard; funds under 3 years old are Emerging (a strong first year) or Too early.
What return have mid cap funds given?
The median mid cap fund in our review returned 14.7% a year over 3 years and 13.1% a year over 5 years, and −3.8% over the last year, to 23 October 2026 (Direct plans). The top-ranked fund, WhiteOak Capital Mid Cap Fund, returned 19.2% a year over 3 years.
What is the expense ratio of mid cap funds?
The median Direct plan in the category charges 0.94% a year. Regular plans cost more, often 0.6 to 1.2 points a year more, because the fee includes the distributor’s commission. See what that gap costs over time.
Is the top-ranked mid cap fund the best one for me?
Not necessarily. The ranking says how funds have done against each other, not how they will do, and the right fund depends on your goals, horizon and the funds you already hold. A fee-only adviser can check your whole portfolio: talk to a Foliyo adviser.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research